Single Parent Penalty Elimination Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9354 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 9354

 To amend the Internal Revenue Code of 1986 to make certain temporary 
  provisions relating to the child tax credit permanent, to make such 
    credit fully refundable, and to increase the corporate tax rate.


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                    IN THE HOUSE OF REPRESENTATIVES

                            August 13, 2024

Ms. Porter (for herself, Ms. Pressley, and Mrs. Ramirez) introduced the 
 following bill; which was referred to the Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to make certain temporary 
  provisions relating to the child tax credit permanent, to make such 
    credit fully refundable, and to increase the corporate tax rate.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Single Parent Penalty Elimination 
Act of 2024''.

SEC. 2. INCREASE IN CHILD TAX CREDIT.

    (a) Amount of Credit Increased.--Section 24(a) of the Internal 
Revenue Code of 1986 is amended by striking ``$1,000'' and inserting 
``$2,000''.
    (b) Repeal of Limitations.--Section 24 of such Code is amended by 
striking subsection (b).
    (c) Credit Made Fully Refundable.--Section 24(d) of such Code is 
amended to read as follows:
    ``(d) Credit Refundable.--So much of the credit allowed to a 
taxpayer under subsection (a) as is determined without regard to 
subsection (h) shall be treated as a credit allowed to such taxpayer 
under subpart C.''.
    (d) Repeal on Certain Special Rules for Taxable Years 2018 Through 
2025.--Section 24(h) of such Code is amended by striking paragraphs 
(2), (3), (5), and (6).
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2023.

SEC. 3. INCREASE IN CORPORATE TAX RATE.

    (a) In General.--Section 11(b) of the Internal Revenue Code of 1986 
is amended by striking ``21 percent'' and inserting ``28 percent''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2024.
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